Thee was a blurb about that type of thing on the news. About 33% of
companies offer coverage for retirees, down from 70% in 1980. GM is not the
only one cutting that benefit as companies hit a cash crunch. More people
cannot afford to retire too. I guess I'm fortunate that I may not be able
to retire for a while, but at least I like my job and enjoy going to work.
I didn't say it is fair, I'm saying it is reality and we have to plan on no
coverage. You can't trust a company pension that is funded by current cash
either. Unless that money is invested in a third party, you can get screwed
there too when the company goes to crap. Many companies go out of business
every year either from poor management or the products they make are no
longer needed. Sorry, but you can't depend on others to take care of you no
matter how good their intentions.
you should be reminded that not all people had the advantage of 401k's
matched savings etc. some people in their 80's counted on the health
care as part of their pension. Now at the time they need it the most
their savings are being depleted by costs as gm salary have not had any
increases in pension for 30 years. to lose health care now will be awful
I don't have to be reminded of anything. Sure, some people will get hurt,
but look at the whole picture.
Two possible scenarios:
GM continues to pay, they go belly up and the retirees get nothing. No
healthcare, maybe no pension depending on how it was funded
We cut the healthcare and give them $300 a month more in pension, we save
tens of thousands of jobs and the retirees get something instead of nothing.
With the extra money than can, at least, buy a Medicare supplement to help.
Yes, it sucks, but it is going to be that way for most of us in the future.
There was a time you could retire and live on SS. While I have a 401k, I
don't have enough to retire now that I'm 62 and probably won't when I'm 66,
at least not with a very nice lifestyle. I have to take responsibility for
that myself. There is a possibility that I'll retire or semi retire with
very good benefits, but there is no guarantee the company will still exist,
the owners will still be alive, etc. The good news is that if I can still
get there I'll have a job as long as I want and I truly like my job and
going to work.
It is a stab in the back. Most of these employees worked for this company
for 30+ years and put up with alot of crap with the hope of retireing with
the PROMISED benefits.I wanted a new car but will now look to Chrysler or
Ford. I think it is time the upper management bit the bullet insted of
always the worker.The guy who is 62 and loves his job must be planning on
living forever. Tomorrow is not guaranteed to anyone. I would go out and
enjoy life now but if working for some company is enjoying life then
The only hope for those who retired from G. M. before the new plan was
implimented is in the United States Distrct Courts. At least that is
my perception of the path to relief for these loyal, retired G. M.
G. M. has outsourced many of its operations to other countries where
they do not have to pay the U. S. dollar wages and benefits.
Certainly it helps the General Motor's profit margin, but it does
nothing for its current or retired American employees.
Like many companies during the last 20-years, loyalty to God and
Country has been thrown overboard into outsourced waters. Whatever
happened to "management in the public interest?
Peace is better than aggression,
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